Finance
Loans

Loans

You can use a personal loan for nearly any purpose, but it's crucial to know what to look for to find the right one for you. Our resources give you the information you need to make an educated decision when it's time for you to take out a loan.

Getting Started

Learn how to get a loan

Calculate loan interest

Compare types of loans

Find personal loan companies

Explore loan modification

The basics

Loans 101

How do personal loans work?

Borrow a lump sum and pay it back in installments

What is a loan principal?

Principal is the total amount you borrow

Secured vs. unsecured loans

Secured loans require collateral

Personal loan requirements

4 things you need before borrowing

How to apply for a personal loan

5 steps to get a lump sum from a lender

Where to get a personal loan

Learn which lender is right for you

Best of Loans

Find the right companies based on your needs

Best Personal Loan Companies

38 companies8/21/2023

Best Car Loan Companies

3/22/2023

Best Student Loan Companies

3/1/2023

Best Business Loan Companies

12/2/2022

4 best online loans

9/7/2023

Best Payday and Title Loan Companies

34 companies9/27/2023

Best Loan Modification Companies

3/9/2020

Best Solar Financing Companies

1/6/2023

Best Car Loan Refinancing Companies

9/12/2022

Best Student Loan Refinancing and Consolidation

13 companies9/19/2023

Best Debt Consolidation Loan Companies

8/31/2023

Best Bad Credit Loans

9/7/2023

Our Latest Resources

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Can I get a personal loan without a job?

While it is possible to get a personal loan without a paycheck, it can be harder and more costly. Here’s how and where to access the funds you need.

Lee Huffman9/29/2023

Best Payday and Title Loan Companies

Need quick cash? Use our guide to compare the best payday and title loan companies, research qualifications and read consumer reviews.

Ashley Eneriz9/27/2023

Personal loans vs. home equity loans: Which should you choose?

Home equity loans have low interest rates, but personal loans are fast and don’t risk your property. Here’s how to decide which is best for you.

Lee Huffman9/21/2023

Personal loan after bankruptcy: how it works

You can still obtain credit after bankruptcy, but be aware the interest rates may be high. Here’s what you need to know about borrowing again.

Lee Huffman9/20/2023

Best Personal Loan Companies

Our picks for the top personal loan companies include Best Egg, Upstart, Marcus by Goldman Sachs and Prosper. Compare rates, fees and reviews.

Ashley Eneriz9/19/2023

Best Student Loan Refinancing and Consolidation

Find the best student loan refinancing and consolidation companies. Read hundreds of customer reviews. Compare student loan consolidation vs refinancing options.

Sara Coleman9/19/2023

What is the maximum personal loan amount?

Borrowers can secure small personal loans of just $1,000 to larger loans of $100,000. Learn how to qualify and how much you should responsibly borrow.

Christopher Murray9/11/2023

Personal loans vs. auto loans

Both personal loans and auto loans can be used to buy a car, but auto loans tend to have lower rates. Learn which to use in your circumstances.

Cassidy Horton9/7/2023

Best Solar Financing Companies

Worried about how you’ll pay for going solar? Read about the best solar financing companies and how to choose which is right for you.

Brian Church9/7/2023

Best Loan Modification Companies

Use our guide to choose the best loan modification company. Find out what a loan modification is and if you qualify. Read thousands of customer reviews.

Clark Kendall9/7/2023

Best Car Loan Refinancing Companies

Use our guide to compare the best auto loan refinancing companies. Learn about rates, how refinancing works, what the requirements are and more.

Emma Simon9/7/2023

5 best small personal loans

Find and compare lenders that offer the best small personal loans. Our top picks include Upstart, Upgrade, Fiona, PenFed and Best Egg.

Sandy Baker9/7/2023

Best medical loans

Compare the best medical loans for borrowers with good or bad credit. Our top picks include Upstart, SoFi, LightStream and LendingClub.

Kevin Payne9/7/2023

Best Business Loan Companies

Compare the best business loans and financing companies using expert ratings and consumer reviews in the official ConsumerAffairs buyers guide.

Barbara Friedberg9/7/2023

Best Debt Consolidation Loan Companies

Over 50K+ customer reviews to help you find the best debt consolidation company. Use our guide to compare loan amounts, interest rates, loan terms and more.

Holly Johnson9/7/2023

Best Student Loan Companies

Need to pay for school? Compare our picks for top private student loan lenders. Plus, learn about different types of loans and how it all works.

Ashley Eneriz9/7/2023

Best credit-builder loans

Credit-builder loans help those who have never had credit or are rebuilding after mistakes, and don't require good credit for approval.

Holly Johnson9/7/2023

Best credit unions for personal loans

Credit union personal loans sometimes come with lower rates and better terms than at banks, which could make them a good option. Learn more here.

Holly Johnson9/7/2023

Best home improvement loans

Looking for a home improvement loan? We compiled the best lenders for home updates. Top picks include LightStream, SoFi and Discover Personal Loans.

Kevin Payne9/7/2023

Best Car Loan Companies

Use our guide to compare the best auto loan companies. Learn about the types of car loans available, credit score requirements and more.

Emma Simon9/7/2023

Best loan apps

We compiled the best apps that loan money to help you make it until your next paycheck. Our top picks include Earnin, Brigit and Dave.

Sara Coleman9/7/2023

Best buy now, pay later apps

Looking for the best buy now, pay later apps? Our top picks for this kind of financing are Sezzle, Klarna, Afterpay, Perpay and Splitit.

Sandy Baker9/7/2023

Best peer-to-peer lenders

Interested in peer-to-peer lending? We found legitimate P2P companies that allow you to borrow money for individual and business financial needs.

Ashley Eneriz9/7/2023

5 best personal loans for good credit

We compiled the best personal loans for borrowers with good credit. Our picks are Prosper, Best Egg, Marcus by Goldman Sachs, Upgrade and LightStream.

Jennifer Schurman9/7/2023

Best unsecured loans

An unsecured loan allows you to borrow money without any collateral and can be used for a variety of purposes. Read about our top picks.

Holly Johnson9/7/2023

Best personal loans with a co-signer in 2023

The best personal loans with a co-signer have an online application process. They also come with low APRs, few fees and flexible repayment terms.

Holly Johnson9/7/2023

4 best online loans

Compare the best online personal loan companies to help you choose. Our top picks are Prosper, Best Egg, Marcus by Goldman Sachs and LendingClub.

Jennifer Schurman9/7/2023

Best installment loans

Interested in getting an installment loan? Use our guide to learn more about them, then find and compare the best lenders for you.

Holly Johnson9/7/2023

Best boat loans

Find and compare the best boat loans. Our top picks include LightStream, Bank of the West, OneMain Financial and Mountain America Credit Union.

Rachel Morey9/7/2023

Best personal loans for excellent credit

Compare the best personal loans for borrowers with excellent credit scores. Our top picks include Best Egg, Discover Personal Loans and FreedomPlus.

Lee Huffman9/7/2023

Best secured personal loans of 2023

Secured loans are backed by collateral and often easier to qualify for. See our top picks to decide which lender is the best choice for you.

Dr. Megan Hanna9/7/2023

Best emergency loans

Need money for unexpected expenses? Use our guide to compare the best emergency loan lenders. Top picks include LightStream, Avant and Upgrade.

Lee Huffman9/7/2023

Best quick loans

Do you need immediate cash? Use our guide to compare and find the best quick personal loan lenders for you, including info on loan amounts and terms.

Holly Johnson9/7/2023

Best personal loans for fair credit

We compiled the best personal loans for borrowers with fair credit scores. Our top picks include Marcus by Goldman Sachs, Avant and LendingClub.

Jessica Martel9/7/2023

Best personal loans for veterans of 2023

Several banks and credit unions offer loans specifically geared to veterans and active-duty military members. See our picks for the best options.

Dr. Megan Hanna9/7/2023

Best Bad Credit Loans

Looking for a bad credit loan? We compiled the best lenders for borrowers with bad credit. Our top picks include Avant, Upgrade and Rocket Loans.

Holly Johnson9/7/2023

4 best low-interest personal loans

Looking for lenders that offer low-interest-rate loans? Our top picks include Best Egg, SoFi, Marcus by Goldman Sachs and LightStream.

Sandy Baker9/7/2023

Best vacation loans of 2023

If you’re looking for help paying for your next trip, compare vacation loans with low costs and long payoff periods for varying credit scores.

Holly Johnson9/7/2023

Best wedding loans

Wedding loans let you borrow what you need then pay it back with fixed monthly payments. Find out which lenders we recommend and why.

Holly Johnson9/7/2023

Best motorcycle loans

Compare the best motorcycle loans so you can pick the right lender for you. Our top picks are Upstart, LightStream, FreedomPlus and Avant.

Jennifer Schurman9/7/2023

How does a personal loan affect your credit score?

A personal loan can help or harm your credit score, depending on your repayment habits. Here’s how to ensure your borrowing stays positive.

Cassidy Horton9/6/2023

Denied for a personal loan? Here's what to do next

You may still be able to get financing even if you were denied for a personal loan. Learn what to do next to get approved for the funds you need.

Jacob Wade9/6/2023

How to remove a co-signer/co-borrower from a personal loan

There are ways out of the co-signer/co-borrower maze, but most will require you to work with the primary borrower to escape the contract.

Cassidy Horton9/6/2023

What is the best personal loan term?

Longer loans have small monthly payments with high interest rates, while shorter loans have large monthly payments but save you in interest.

Christopher Murray9/6/2023

Can I use a personal loan for my down payment?

Most mortgage lenders won’t let you use a personal loan for a down payment. Find out what you can do instead and how much you really need to put down.

Cassidy Horton9/6/2023

Student loans vs. personal loans

Student loans and personal loans have different uses, loan amounts and disbursement methods. Learn when, why and how you should use each one.

Christopher Murray9/6/2023

I can’t afford my personal loan. What should I do?

If you can’t afford your personal loan, there are steps you can take to get back on track. Learn what your options are and how to fix your finances.

Lee Huffman9/6/2023

Are personal loans bad?

Personal loans offer a way to fund nearly any purchase, but they’re only a good match for borrowers with good credit looking for a short-term loan.

Christopher Murray8/31/2023

Guide to getting a personal loan with a co-signer

Getting a personal loan with a co-signer or co-borrower can help you get approved or even get you a better rate. Here’s everything you need to know.

Ashley Eneriz8/31/2023

What is excellent credit?

Having excellent credit can open doors to lower interest rates, better loan terms and enhanced credit card perks. Here’s how to boost your score.

Jacob Wade8/30/2023

What is bad credit?

Bad credit can result in paying high interest rates and fees, being denied for loans or credit cards or even losing out on jobs or housing prospects.

Jacob Wade8/30/2023

What is an installment loan?

An installment loan is a borrowing option that lets you pay back a lump sum in monthly installments. Learn how it works and the pros and cons.

Dr. Megan Hanna8/30/2023

What is a credit utilization ratio?

Learn what a credit utilization ratio is, how it's calculated, what affects it, why it matters and how to improve your own utilization ratio.

Holly Johnson8/30/2023

Co-signer vs. co-borrower: What’s the difference?

Both co-borrowers and co-signers can help you qualify for a loan, but what’s the difference between them? When should you choose one over the other?

Jacob Wade8/29/2023

Co-signing a loan: pros and cons

Asked to be a co-signer? Here are the pros and cons of co-signing a loan and the impact it can have on your credit score and relationships.

Ashley Eneriz8/28/2023

Should you use personal loans for investing?

While it might seem like a good idea to use a personal loan to invest, there are some massive risks that can actually cause you to lose money.

Jacob Wade8/28/2023

What is a loan principal? (2023)

Your principal is the amount you’ve borrowed, but it’s not how much you’ll owe in the end. Learn how principal works and how to pay it down.

Sara Coleman8/28/2023

Best pool loans

Looking to finance a pool purchase or installation? Our top picks for pool loan lenders include LightStream, SoFi and LendingTree.

Lindsay VanSomeren8/24/2023

Are online loans safe?

Need a loan but worried about working with an online lender? Find out how safe online loans are and how to spot a scam amidst all the offers out there

Jessica Martel8/24/2023

What is a joint loan?

Understand what a joint loan is, how it works, the pros and cons of sharing a loan with someone else and what your alternatives might be.

Holly Johnson8/24/2023

What can personal loans be used for?

Personal loans can be used for a variety of purposes, but you want to be sure you can use it for your planned expenses before applying.

Holly Johnson8/22/2023

Can I use my car as collateral for a personal loan?

Using your car as collateral for a personal loan is possible, but not always recommended. Here’s what to consider before offering up your wheels.

Christopher Murray8/22/2023

How long it takes to get approved for a personal loan

Consumers have a number of places to turn to for personal loans. Here's what you need to know to get approved for a personal loan.

Dr. Megan Hanna8/17/2023

Pros and cons of personal loans

Consider the benefits of obtaining a personal loan, such as flexible uses, as well as the drawbacks, such as fees and high interest rates.

Holly Johnson8/16/2023

What credit score do I need for a personal loan?

Learn about the link between personal loans and credit scores, including how they can affect approvals, interest rates and borrowing limits

Holly Johnson8/14/2023

How do personal loans work?

A personal loan is fast funding you can put toward just about any purchase. Read about how these loans work, the types and where to get one.

Sara Coleman8/11/2023

How to apply for a personal loan in 5 steps

From gathering all the required documents and info to closing on the loan, learn how to apply for a personal loan in five simple steps.

Sara Coleman8/11/2023

What to know before taking out a personal loan (2023)

Before you sign the paperwork on a personal loan, make sure you know the interest rate, repayment terms and what you can reasonably afford.

Sara Coleman8/11/2023

What is a debtor? (2023)

When you borrow money, you take on debt and become a debtor. Learn more about what this means and what laws protect debtors with ConsumerAffairs.

Sara Coleman8/11/2023

40% of Americans need a loan right now, nationwide survey finds

Over 40% of Americans say they need a personal loan, with nearly a third wanting it to pay bills, according to a national survey by ConsumerAffairs.

Dr. Megan Hanna8/9/2023

What is collateral?

Collateral is an item of value that secures a loan to protect a lender in case of borrower default. Learn more about what it is and how it works.

Jennifer Schurman8/9/2023

Where to get a personal loan

The best places to get a personal loan are banks, credit unions and online lending companies. Get tips on how to choose one that works for you.

Sara Coleman8/8/2023

How to get a business loan

Searching for a business loan? Use our step-by-step process to figure out what type of loan you need, how to secure the loan and more.

Jacob Wade8/8/2023

What is a loan?

A loan is a way to get money now, but you have to pay it back, often with added costs. Learn more about different types of loans and how they work.

Sara Coleman8/3/2023

Principal vs. interest: What's the difference?

Your principal is how much you’ve borrowed, while the interest is the cost of borrowing. Learn how they’re calculated and how to pay down your loan.

Sara Coleman8/3/2023

Should I get a personal loan?

Consider a personal loan if you’re consolidating debt or funding an expense like a home remodel. Interest rates may be lower than with credit cards.

Ashley Eneriz8/1/2023

Is Discover Personal Loans legit?

Wondering if Discover Personal Loans is legit? Check out what verified reviewers have to say about the loan process, customer service, speed and more.

ConsumerAffairs Research Team 7/28/2023

Is Credit Direct legit?

Wondering if Credit Direct is legit? Check out what verified reviewers have to say about the loan process, customer service, speed and more.

ConsumerAffairs Research Team 7/28/2023

Is Happy Money legit?

Wondering if Happy Money is legit? Check out what verified reviewers have to say about the loan process, customer service, speed and more.

ConsumerAffairs Research Team 7/28/2023

Is LendingPoint legit?

Wondering if LendingPoint is legit? Check out what verified reviewers have to say about the loan process, customer service, speed and more.

ConsumerAffairs Research Team 7/28/2023

Is LightStream legit?

Wondering if LightStream is legit? Check out what verified reviewers have to say about the loan process, customer service, speed and more.

ConsumerAffairs Research Team 7/28/2023

Is Prosper legit?

Wondering if Prosper is legit? Check out what verified reviewers have to say about the loan process, customer service, speed and more.

ConsumerAffairs Research Team 7/28/2023

Is Rocket Loans legit?

Wondering if Rocket Loans is legit? Check out what verified reviewers have to say about the loan process, customer service, speed and more.

ConsumerAffairs Research Team 7/28/2023

Is Universal Credit legit?

Wondering if Universal Credit is legit? Check out what verified reviewers have to say about the loan process, customer service, speed and more.

ConsumerAffairs Research Team 7/28/2023

Is Upstart legit?

Wondering if Upstart is legit? Check out what verified reviewers have to say about the loan process, customer service, speed and more.

ConsumerAffairs Research Team 7/28/2023

Is Fiona legit?

Wondering if Fiona is legit? Check out what verified reviewers have to say about the loan process, customer service, speed and more.

ConsumerAffairs Research Team 7/28/2023

Is Avant legit?

Wondering if Avant is legit? Check out what verified reviewers have to say about the loan process, customer service, speed and more.

ConsumerAffairs Research Team 7/28/2023

Good debt vs. bad debt

The difference between good debt and bad debt is whether it’s worth it to you and if you’re able to pay it off in a reasonable amount of time.

Sara Coleman7/28/2023

How to get a personal loan with bad credit

From checking your score to getting a co-signer, learn the four steps to getting a personal loan with bad credit — and ways to improve your credit.

Sara Coleman7/28/2023

How to calculate loan interest

Curious about how the interest on your loan works? Learn how interest rates are determined and how to calculate interest yourself.

Ashley Eneriz7/28/2023

Refinancing your car

Read about how Americans are saving when it comes to their auto finances — we surveyed more than 1,000 car owners to explore this topic.

ConsumerAffairs Research Team 7/27/2023

Student loans: Reentering repayment

An exploration into how student loan debtors have behaved during the payment pause and their plans for restarting repayments in May 2022.

ConsumerAffairs Research Team 7/27/2023

What is an unsecured loan? (2023)

An unsecured loan doesn’t require collateral. Learn about how this kind of loan works, the types and what to consider before getting one.

Sara Coleman7/25/2023

What is loan servicing? (2023)

Loan servicing is day-to-day management of a loan, often done by a third party. Learn how it works and the difference between a servicer and a lender.

Sara Coleman7/24/2023

What is a secured loan? (2023)

A secured loan is a loan that requires collateral from the borrower. Learn more about how these loans work, the types, and pros and cons.

Sara Coleman7/21/2023

Best Payday Loans in Portland, Oregon

Worried about an unexpected expense? Check out our guide to see the best Portland payday loan companies. Compare loan amounts, interest rates and more.